Oppenheimer Cuts PT on Zogenix (ZGNX), Still Outperform, Thesis Intact
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Price: $1.57 -1.88%
Rating Summary:
5 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
5 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade ZGNX Now!
Analysts at Oppenheimer reiterated their Outperform rating on Zogenix, Inc. (NASDAQ: ZGNX) but cut their price target of $3.00 (from $4.00).
“With Sumavel DosePro approved and commercially available as of early 2010, we view ZGNX as a de-risked story with a promising Phase III asset in Zohydro , potentially available in 2013 to address the $13B moderate to severe chronic pain market,” said analyst Christopher Holterhoff.
His investment thesis and Outperform rating is based on the potential of Sumavel DosePro plus upside from Zogenix' Phase III clinical candidate, Zohydro, for treatment of moderate to severe chronic pain. In particular, he sees upside to the current share price based on the potential approval of Zohydro and out-licensing deals involving the DosePro technology for use with biologics, potentially occurring in 2012/2013.
“We believe scripts will likely accelerate in September/October following the commencement of the Mallinckrodt co-promote effort in late August,” he said in today’s report. “We note that currently it is unclear if ZGNX will attain a commercial partner for Zohydro prior to the PDUFA. We anticipate top-line phase 1 data for Relday by YE2012 and the attainment of a potential ex-US partner during 2013. We are adjusting our estimates based on recent dilutive financing.”
For an analyst ratings summary and ratings history on Zogenix, Inc. click here. For more ratings news on Zogenix, Inc. click here.
Shares of Zogenix, Inc. closed at $2.07 yesterday, with a 52 week range of $1.31-$4.95.
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“With Sumavel DosePro approved and commercially available as of early 2010, we view ZGNX as a de-risked story with a promising Phase III asset in Zohydro , potentially available in 2013 to address the $13B moderate to severe chronic pain market,” said analyst Christopher Holterhoff.
His investment thesis and Outperform rating is based on the potential of Sumavel DosePro plus upside from Zogenix' Phase III clinical candidate, Zohydro, for treatment of moderate to severe chronic pain. In particular, he sees upside to the current share price based on the potential approval of Zohydro and out-licensing deals involving the DosePro technology for use with biologics, potentially occurring in 2012/2013.
“We believe scripts will likely accelerate in September/October following the commencement of the Mallinckrodt co-promote effort in late August,” he said in today’s report. “We note that currently it is unclear if ZGNX will attain a commercial partner for Zohydro prior to the PDUFA. We anticipate top-line phase 1 data for Relday by YE2012 and the attainment of a potential ex-US partner during 2013. We are adjusting our estimates based on recent dilutive financing.”
For an analyst ratings summary and ratings history on Zogenix, Inc. click here. For more ratings news on Zogenix, Inc. click here.
Shares of Zogenix, Inc. closed at $2.07 yesterday, with a 52 week range of $1.31-$4.95.
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